Discover more from Meryl’s COVID Newsletter
A climate fix or a scam? Wealthy nations promised $100 Billion/year to developing nations to shut down fossil fuel mining and create renewable forms of energy
Poor nations ask for $1.3 Trillion/year.
And how might developing nations convince their people to stop cooking and warming their homes using wood, dung, charcoal? Will they be putting in windmills and electric grids across Africa? Handing out microwave ovens and electric blankets? From the Wall Street Journal of November 7, reporting from the UN Climate Conference:
As COP27 Begins, U.S. Seeks Billions in Carbon Credits to Wean Developing Countries Off Fossil Fuels
SHARM EL SHEIKH, Egypt—U.S. climate envoy John Kerry is planning to propose a new carbon-credit program that aims to ramp up funding from businesses and governments in wealthy economies to help developing countries cut back on fossil fuels.
Mr. Kerry said in an interview that he plans to make the proposal at the United Nations climate-change conference in Egypt on Wednesday, adding that he was still consulting with representatives of other countries on the size and structure of the program.
A U.S. official familiar with the matter said the program aims to raise tens of billions of dollars by boosting the ability of regions and countries in the developing world to sell credits whenever they shut down fossil-fuel-energy sources such as coal mines or accelerate renewable-energy construction.
Developing countries have demanded $1.3 trillion in annual funding by 2030 from wealthier countries to finance their energy transition and help them adapt to the effects of climate change. Wealthier nations have so far fallen short of their smaller pledge to deliver $100 billion a year in funding.
“No government in the world has enough money to affect the transition,” Mr. Kerry said. “The entity that could help the most is the private sector with the right structure.”
The plan aims to allow money to flow to emissions-reduction efforts for entire regions in the developing world. That would address one of the weaknesses under the current system, which grants credits for building individual renewable-energy projects but doesn’t ensure there are net emissions reductions happening across a broader area.
Most carbon credits on the market today are linked to the construction of individual wind, solar or other renewable projects. That renewable-energy generation could lead to the retirement of a coal-burning plant in one area of a developing country but doesn’t stop the country from bringing new coal-burning plants online elsewhere that would outweigh the emissions reductions from a single renewable project.
In a speech at the COP27 conference in Sharm El Sheikh, Egypt, United Nations Secretary-General António Guterres said that the Earth is nearing tipping points that will make climate chaos irreversible and called for more action.
As world leaders converged on Sharm El Sheikh Monday at the outset of two weeks of climate talks, the globe’s biggest emitters, China and the U.S., have come under pressure to do more to help developing countries with their energy transition.
“The U.S. and China must really step up to the mark,” French President Emmanuel Macron said on the sidelines of the conference, calling on “rich non-European countries…to pay their share.”
Leaders at the summit—known as COP27—face the challenge of building consensus at a time of geopolitical tension and energy-market turmoil. Russia’s decision to invade Ukraine and cut the flow of natural gas to Europe has forced capitals across the globe to focus on the security of their energy supplies. Europe is burning more coal and sucking up supplies of liquefied-natural gas from around the world.
“Russia’s invasion of Ukraine and contemptible manipulation of energy prices has only reinforced the importance of ending our dependence on fossil fuels,” U.K. Prime Minister Rishi Sunak.
Delegates from more than 190 nations will wrestle with how to get nations to implement their existing pledges to reduce carbon emissions in accordance with promises they made at the 2015 Paris summit. Absent from the summit are the leaders of China and Russia, countries that have a pivotal role in shaping the global energy map. President Biden will join the talks later in the week.